Published Date: 2021-01-27
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According to the Graphical Research new growth forecast report titled “Europe Automotive Heatshield Market Size, By Application (Engine, Underbody Heatshield, Tank Heatshield, Exhaust Manifold, Catalytic Converter, Starter Motor, Turbo Charger), By Material (Aluminum, Stainless Steel, Aluminized Steel), By Vehicle (Passenger Cars, LCV, HCV), By Sales Channel (Aftermarket, OEM)”, to cross USD 665 million by 2026.
The growth is mainly driven by the increasing need to prevent damages to vehicles caused by the radiant heat from the engine and other vehicle compartments.
The large fleet of automobiles in the region and increasing adoption of vehicles is the key driver for Europe automotive heatshield market. In 2019, Europe held almost 21% of global automotive production. According to the European Automobile Manufacturers Association, approximately 312.7 million vehicles are in circulation on the European roads as of 2020. Due to the large of vehicles operating in the region, a significantly high demand for automotive heatshield has been witnessed.
Moreover, a transition in preference for more powerful engines, and the growing adoption of electric vehicles are strongly contributing to the rising demand for the automotive heatshield. The uptake in the production of electric vehicles can be attributed to the stringent environmental regulations. The European Union is one of the international organizations to have the most extensive environmental regulations across the globe. These regulations are pushing manufacturers to develop lightweight products, thereby, reducing the carbon emission from vehicles and improving fuel efficiency along the way. These key factors showcase a positive outlook for the growth of the European automotive heatshield market size during the forecast years 2020 to 2026.
Growing need for lightweight products
With the stringent environmental regulations and the increasing need to alleviate greenhouse gas emissions, the demand for lightweight automotive parts is taking an upsurge. The 2020 climate and energy targets released by the European Union states that it needs to achieve a 20% cut in greenhouse gas emissions from 1990 levels. Hence, it is leading manufacturers to modify product offerings and develop heat shields with lightweight materials, such as aluminum and aluminized steel. Additionally, the LCV segment is witnessed to be the key driver for the heal shield demand. It accounted for the largest share in the automotive heat shield market particularly owing to the countries with major vehicle production hubs, including Germany and Italy, among others.
Key manufacturers in the Europe automotive heatshield market include Estamp S.A.U., QUSA Thermal, Inc., iSoKlick Holding GmbH, Boyd Corporation, Rieter, ISOLITE GmbH, Martin Group, HAPPICH GmbH, Carcoustics International GmbH, and Autoneum Holding Ltd., among others.
By vehicle type, the Europe automotive heatshield market is segmented into:
By material, the European automotive heatshield market is segmented into:
By application, the Europe automotive heatshield market is segmented into:
By sales channel, the European automotive heatshield market is segmented into:
The above information is provided on a country basis for the following:
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